These days, as people scramble for new and more creative ways to finance buying a home, the interest only mortgage is becoming more common and well known. An interest only mortgage is one in which you have the option of paying only the interest (or just the interest and a portion of the principal) each month in the early years…
Tag: Interest-Only
Interest Only Home Loans Are They Right For You
Interest-only home loans are a phenomenon that has been gaining strength and popularity over the last decade or so. The fundamental principle of an interest-only home loan is that the buyer is only responsible for paying the interest on the mortgage for a fixed period of time, often between five and seven years. This sounds fantastic until that interest-only period…
Interest Only Loans What You Need To Know
If you are shopping for a house or refinancing, you’ve probably seen ads for interest-only loans. While this type of loan is beneficial for some homebuyers, other homebuyers might regret the decision to take out an interest-only loan. Interest-only (IO) loans are structured so that the borrower pays the interest every month. The borrower is not required to pay on…
Choosing From A Mortgage Medley
What do you do if you are looking to buy a house? You sift through a series of mortgage loans. What is the best kind of mortgage loan? That would be based on how much you are intending to borrow and on the rate of interest that you would be able to afford. Generally speaking, the greater the period of…